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adg
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Posting #1: Sun Mar 18th, 2007 21:36 |
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| It is worth paying attention to this stock since the 2nd Quarter to date results have exceed that of the full year ended June, 2006. The Balance Sheet is very healthy with a net cash position and the Company has not made any loss since 2002.
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Moolah
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Posting #2: Mon Mar 19th, 2007 03:00 |
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adg wrote: It is worth paying attention to this stock since the 2nd Quarter to date results have exceed that of the full year ended June, 2006. The Balance Sheet is very healthy with a net cash position and the Company has not made any loss since 2002.
Hi Adg,
I believe you have made a valid point here.
Previously, pintaras has been decent but it looked really like a construction company in their own comfort zone - ie decent with lackusture or no growth. And the earnings - around 10 mil per annum looked rather smallish...
But...
as you have correctly pointed out... things do look promising...
Sales Net Earnings
2002 54.267 7.822
2003 68.039 9.476
2004 87.358 9.903
2005 116.504 10.210
2006 94.462 10.518
ttm 124.828 18.421 |
the table above, the ttm (current earnings) does indicate that there is indeed a tremendous change of fortune happening in Pintaras Jaya.
So adg, any idea what's happening in the stock? Any changes in the business economics of Pintaras that is causing this change of fortune?
Care to share more your views?
rds
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chewy
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Posting #3: Mon Mar 19th, 2007 05:47 |
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This company has got quite some cash and if I am not mistaken, no debt.
But it took me few months to wait for it to move from 0.90 to 1.20 .. volume quite boring and i notice not many script out there. Employee option also looks like a barrier for the company to move.
But with more infrastructure project coming the way, it should be good for their foundation piling business.
Pls note: my fundamental view was based on almost 1 yr ago. Havent really follow the share for sometime. But it should be a good company to hold for long term investment.
rgds,
chewy
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Moolah
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Posting #4: Mon Mar 19th, 2007 06:23 |
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Hey Chewy,
Nice to see you. I just had a glance thru and yes it does look healthy.
however.. i just noted that this company does dabble in the stock market.
And depending on what kind of investor you are, some might not like this issue...
this was wat's stated in their q earnings..
RM'000
Total Purchases 10,449
Total Disposals 6,764
Total Gain on Disposal 142 |
a purchase of 10.449 million in the share market is quite a lot..
and total investments in marketable securities as at 31 December 2006 are as follows:-
RM'000
At cost 24,695
At carrying value/book value; and 24,376
At market value 25,546 |
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chewy
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Posting #5: Mon Mar 19th, 2007 06:58 |
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Hi Moola,
Thanx for pointing that out. Didnt noticed that there are trader in the finance department.. haha.
Investor, be warned. Things can become very ugly if something is wrong and someody trying to hide losses, dumped the stock should they change CFO..
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Moolah
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Posting #6: Mon Mar 19th, 2007 07:03 |
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| Yeah I do reckon that this is an issue not to be discounted for investors. I for one would rather see a company return more cash back to their shareholders than to see them dabbling into the share market.
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adg
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Posting #7: Mon Mar 19th, 2007 16:56 |
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Hi Moolah,
You asked....
So adg, any idea what's happening in the stock? Any changes in the business economics of Pintaras that is causing this change of fortune?
Care to share more your views?
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
Thanks for your response. I see that nothing is happening to this stock in spite of the 2nd Quarter's excellent results, so I am seeking feelers/feedback from members here to see if any do feel positive enough about the Company. This stock is out of the analysts radar screen. So far I have not seen anyone writing about it in spite of the fact that it has quietly built up a cash pile to a level that the Directors decided it would be prudent to invest part of the funds in some quoted stocks, in the hope that it would give better returns than FD. The reports said that they do it though an Investment Advisor, not on their own.
As for the Company itself, I note that the Directors are all Professional Engineers (except for one out of the six). Hence the management are in the hands of people with the know-how. For that I feel comfortable.
In view of the excellent two quarterly results that have come out, it is worth a punt to invest at these depressed prices of 1.24 and wait for the final year announcement. The construction sector is poised to grow further in the coming years, so I am quite positive that this Company will also reap the benefits to produce some bumper results for it's year end account.
Sometimes we cannot explain why some stocks are just left to languish in the doldrums. Pintaras is one of them.
Regards
adg
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Moolah
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Posting #8: Tue Mar 20th, 2007 02:00 |
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adg wrote: Hi Moolah,
You asked....
So adg, any idea what's happening in the stock? Any changes in the business economics of Pintaras that is causing this change of fortune?
Care to share more your views?
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
Thanks for your response. I see that nothing is happening to this stock in spite of the 2nd Quarter's excellent results, so I am seeking feelers/feedback from members here to see if any do feel positive enough about the Company. This stock is out of the analysts radar screen. So far I have not seen anyone writing about it in spite of the fact that it has quietly built up a cash pile to a level that the Directors decided it would be prudent to invest part of the funds in some quoted stocks, in the hope that it would give better returns than FD. The reports said that they do it though an Investment Advisor, not on their own.
As for the Company itself, I note that the Directors are all Professional Engineers (except for one out of the six). Hence the management are in the hands of people with the know-how. For that I feel comfortable.
In view of the excellent two quarterly results that have come out, it is worth a punt to invest at these depressed prices of 1.24 and wait for the final year announcement. The construction sector is poised to grow further in the coming years, so I am quite positive that this Company will also reap the benefits to produce some bumper results for it's year end account.
Sometimes we cannot explain why some stocks are just left to languish in the doldrums. Pintaras is one of them.
Regards
adg
Hi adg,
I am sorry because i think i had posed my question wrongly to you. So sorry.
Actually, what i meant was do you know what is happening to ptaras business that is causing this sudden change of fortune?
if you look at the financial data i posted earlier and i shall repaste it below
Sales Net Earnings
2002 54.267 7.822
2003 68.039 9.476
2004 87.358 9.903
2005 116.504 10.210
2006 94.462 10.518
ttm 124.828 18.421 |
And you have mentioned:
Sometimes we cannot explain why some stocks are just left to languish in the doldrums. Pintaras is one of them.
If you look at the table again... from fy 2003 to fy 2006, ptaras has really done nothing. Earnings were just around the 9-10 million per annum. As they say, lacklusture or no growth in its earnings for 4 years, which perhaps would explain why this stock was previously left to languish in the doldrums.
However, lately, the current earnings is indicating earnings 'could' be around 18 million and even much more.
This is the change of fortune i am talking about which caused the stock to appreciate quite a bit before the current mess.
It will be nice if we all know what's happening in the company...
anyway i had pointed out the company's dabbling in the stock market. How do you feel about this issue? Wouldn't you not prefer if the company you had vested interest pays you more back in terms of dividends, than to see the company dabbling in the stock market? And needless to say, for sceptics would surely say, does these management even know what they are doing? Are they traders? Punters? short term investors? or long term investors?
those were my initial reactions.. in which you have replied..
So far I have not seen anyone writing about it in spite of the fact that it has quietly built up a cash pile to a level that the Directors decided it would be prudent to invest part of the funds in some quoted stocks, in the hope that it would give better returns than FD. The reports said that they do it though an Investment Advisor, not on their own.
thanks for clarifying this issue...
btw... if i dig info.. i will post it here.
rgds
Last edited on Tue Mar 20th, 2007 02:16 by Moolah
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Moolah
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Posting #9: Tue Mar 20th, 2007 02:31 |
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Let's do a comparison on the company's cash..
Firstly, i would look at the company's number of shares. Ptaras last had a bonus issue way back in 2002 - a 3 for 5 bonus issue and the end result is Ptaras till this very day has 80.064 million shares.
(this figure is useful to me so i know i won't get messed up in dilution of earnings etc etc when i make comparisons)
so using this 80.064 million as the main yardstick... let's examine ptaras dividend. (why, well arguement is if the company has got the money, isn't it better to SHARE?)
How? Consistent dividend payer... but ... if company got money, shouldn't it pay out more?
let's compare cash balances... ptaras last reported earnings is it's fy q2, so i shall use q2 as the yardstick..
2003. Quarterly rpt on consolidated results for the financial period ended 31/12/2002
Marketable securities 8,867
Short term deposits 35,307
Cash and bank balances 3,885
total <--> 48.059 |
2004. Quarterly rpt on consolidated results for the financial period ended 31/12/2003
Marketable securities 12,138
Short term deposits 22,309
Cash and bank balances 1,098
total <--> 35.545 |
2005. Quarterly rpt on consolidated results for the financial period ended 31/12/2004
Marketable securities 23,209
Short term deposits 19,055
Cash and bank balances 2,798
total <--> 45.062 |
Last edited on Tue Mar 20th, 2007 02:48 by Moolah
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Moolah
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Posting #10: Tue Mar 20th, 2007 03:10 |
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2006. Quarterly rpt on consolidated results for the financial period ended 31/12/2005
Marketable securities 18,869
Short term deposits 30,408
Cash and bank balances 1,291
total <--> 50.568 |
2007. Quarterly rpt on consolidated results for the financial period ended 31/12/2006
Short term investments 24,376
Short term deposits 39,511
Cash and bank balances 1,471
total <--> 65.358 |
Back in 2003, total cash was around 48.059 million. Now it is 65.358 million.
from 2003 to now, it paid 4.323 + 2.882 + 2.882 + 2.882 = 12.969.
if added back, assuming no dividend was paid, ptaras should have 78.337 mil.
which means that ptaras cash had increased from 48.059 to 78.337 mil which is an increase of 30.278 mil.
in the same period, ptaras made 48.397 million in earnings.
so in a span of 4 years, ptars made 48.397 mil, nett cash increase only by 30.278 mil.
How?
How would you interpret it?
Me? i think it is actually very good.. however.... personally, i still do not see the accumulation of wealth generated by the companies dabbling in the sharemarket and more so, given the fact that as per its latest earnings, the company's balance sheet shows that it has some 37.3% of its cash in the share market.
hence, I simply do not like it...ahh.. that's just me personal view hor...
the cash is there... return more cash back to the shareholders is my preferred choice...
what say you?
rgds
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